Oil prices gained more than 2% on Monday after a resumption of military action between the US and Iran rekindled market concerns about global supply disruption, as the conflict extended into its sixth month.
Brent crude futures were up $2.17, or 2.46%, to $90.27 a barrel at 1612 GMT. US WTI crude was up $2.06, or 2.47%, to $85.46. Brent rose as high as $91.52 during the session, its highest since August 25.
US President Donald Trump was quoted on Monday as promising to "hit them hard" after Iran launched missiles overnight at two US air bases in Jordan in response to a US attack on Iran's Larak Island.
Last week, crude stocks in the US Strategic Petroleum Reserve fell by around 3.1 million barrels to 286.6 million barrels. On Sunday, Trump said in a social media post that Iran'' energy hub of Kharg Island was being "blown to smithereens," but there was no evidence the island was under attack. The post, which included an AI-generated video, provided no further details. Iran denied the island was being attacked and said oil operations continued there.
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